Referencing our post dated 25 Sep 2024:
61 Year Old 3-Room Flat Rented Out for $8,000 in Aug 2024 – A New Record
it turned out that the anomaly was due to a data error. This is HDB’s reply to a Business Times query:
HDB said: “Upon further checks, the owner clarified that a typographical mistake was made in the application form, listing a rental rate of $8,000 per month for the entire flat, instead of $900 per month for a single bedroom rental, as intended.”
This is not surprising given the following disclaimer statement in HDB’s website when presenting the rental search results to the user:
Since rental contracts are reported to IRAS for stamp duty payments, perhaps using this data source (as opposed to relying on HDB landlords to be diligent), will likely be more reliable. This is because the higher the rental rate submitted, the higher the stamp duty that will be payable, hence there is less likelihood that such mistakes will occur. Then again, some landlords may not be diligent in paying stamp duty, not knowing that failure to do so will render heir tenancy agreement invalid (not enforceable), on top of committing an act of tax evasion.
Since our database for HDB rental pertains only to whole units, we have deleted this room rental record from our database.
Our analytics reports listed below empower you to do your own analysis and check for HDB and Private Residential Properties rental transactions:
HDB Rental Transactions
URA Private Residential Property Rental Transactions
Let us know if you have further queries by commenting below.